Lloyd’s Market Association reveals 2024’s prime focuses.

The Lloyd’s Market Association (LMA) has announced its core priorities for the year 2024. The association plans to focus on driving innovation, expertise, regulatory engagement, and talent development. It will actively prepare managing agents for the Velonetic changes in Blueprint Two, establish a testing and assurance framework, and champion the adoption of a digitized open market. The LMA also aims to contribute to the development of model wordings, collaborate on reserve benchmarking processes, and generate thought leadership content. The association will support managing agents by promoting the market data collection and reporting project, evolving the underwriting and capital planning model, and creating a delegated authority strategy. On the regulatory front, the LMA will engage with Lloyd’s, LIC, FCA, PRA, EIOPA, and HM Government, address vital topics such as consumer duty, and participate in the expected review of the Insurance Distribution Directive. It will enhance talent development through the LMA Academy and expand technical training. Shelia Cameron, CEO of the LMA, expresses her commitment to guiding members through challenges and embracing opportunities in the Lloyd’s marketplace.